Leaked Tapes Show Democrat-Run Federal Reserve Protects Large Banks Obama Supporters Instead of Protecting the American People
The Federal Reserve is supposed to protect Americans from the risky or illegal actions of banks, but it seems that they are doing just the opposite.
Newly leaked tapes show that the Federal Reserve is protecting banks and bankers from being accountable for risky and/or illegal behavior in the financial sector.
One NY Federal Reserve employee says she was fired after she refused to overlook questionable practices from Obama’s pet bankers and major donor, Goldman Sachs.
There needs to be a full investigation into the corrupt and criminal actions of the Federal Reserve.
There are new calls for the US Congress to hold investigative hearings of the Federal Reserve and their practices in regulating and inspecting banks and investment firms.
The new scrutiny comes after secretly recorded tapes by a former examiner from the New York branch of the Fed, Carmen Segarra, were revealed. Segarra says her superiors told her to go easy on banks, specifically Goldman Sachs. Segarra claims she was dismissed for refusing to overlook questionable practices from Goldman, a leading political campaign donor.
The tapes were made public last week by This American Life (podcast above.)
Sen. Elizabeth Warren (D-MA) issued a statement Friday calling for oversight hearings:
“Congress must hold oversight hearings on the disturbing issues raised by today’s whistleblower report when it returns in November, because it’s our job to make sure our financial regulators are doing the ir jobs. When regulators care more about protecting big banks from accountability than they do about protecting the American people from risky and illegal behavior on Wall Street, it threatens our whole economy. We learned this the hard way in 2008.”
According to Bloomberg News, the New York Fed is denying any wrongdoing via a statement on its website:
The New York Fed categorically rejects the allegations being made about the integrity of its supervision of financial institutions.
The New York Fed works diligently to execute its supervisory authority in a manner that is most effective in promoting the safety and soundness of the financial institutions it is charged with supervising. To accomplish this important task, the New York Fed employs and trains a large workforce of examiners and specialists and works with the Board of Governors, which sets supervisory policy, and other experts throughout the Federal Reserve System.
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